TenX Acquires 5.54M XTZ in Strategic Tezos Staking Partnership with the Tezos Foundation
TenX Protocols Inc., a publicly traded blockchain infrastructure company, has acquired 5,542,935.08 XTZ tokens (Tezos) at an average cost of $0.5868 per token as part of a strategic staking partnership with the Tezos Foundation. The acquisition, funded through the company’s earlier financing, supports TenX’s validator operations on the Tezos network and aligns with its long-term strategy of revenue generation through staking and ecosystem involvement.
The Tezos Foundation intends to delegate a portion of its XTZ holdings to TenX’s validators, pending due diligence, to support network security and decentralization. TenX’s CEO, Mat Cybula, emphasized that Tezos was chosen for its governance model, technical maturity, and scalability. Arthur Breitman, co-founder of Tezos, noted that TenX’s long-term validator approach is a natural fit for the network.
Tezos’ self-amending architecture, which has undergone 19 upgrades, offers institutional functionality, improved performance, and staking ease. The acquisition aims to turn crypto assets into predictable income through staking while contributing to the network’s security. TenX focuses on recurring revenue from crypto assets and provides infrastructure and development services across blockchain networks.
TheNewsCrypto01/20 16:23